Contemporary Style in a 4-Bedroom Home in North Center: 3909 N. Claremont
This 4-bedroom contemporary single family home at 3909 N. Claremont in North Center was built in 2008.
Built on a slightly wider than standard 30×124 lot, the home has floor to ceiling windows and the contemporary interiors you would expect from the style.
The kitchen is entirely stainless steel, including the kitchen island.
The listing says it has spa bathrooms.
3 out of the 4 bedrooms are on the second floor with the fourth in the lower level.
The lower level family room opens onto a patio.
For pricing, does it matter that the listing says it’s in the Bell school district?
Randy McGhee at Koenig & Strey has the listing. See the pictures here.
3909 N. Claremont: 4 bedrooms, 3.5 baths, 2 car garage, 4320 square feet
- Sold in September 1989 for $250,000
- Built in 2008
- Originally listed in June 2010 for $2.6 million
- No price reductions
- Currently still listed at $2.6 million
- Taxes of $15409
- Central Air
- Bedroom #1: 16×16 (second floor)
- Bedroom #2: 11×15 (second floor)
- Bedroom #3: 11×15 (second floor)
- Bedroom #4: 14×15 (lower level)
Nice house for the Dwell set. BUT BUT BUT — $2.6 million at Irving Park and Western???
This might be the most overpriced house ever posted on cribchatter.
Those are 3 big buts, alanon.
And I don’t think either of us is sir mixalot.
Anon(ufo) is moving?
Well let me start by saying that I really like the home. From the first issue of Dwell I saw I have been a subscriber but I strongly agree with alanon that breaking the 1 million price point at Irving and Western seems tough. Getting to 2.6 should put you on the river with 10K sq feet of interior space. Imagine the properties that you could purchase for 1.5 million in that area and convert to a work live space.
Westloopelo I am waiting for your comments. How did this became such an expensive buildout? Or is it just way over priced for the sq footage and amenities?
“Anon(ufo) is moving?”
haha. Wouldn’t live on Claremont.
When they have the front blind up, you can see all the way thru the house.
The house to buy in the ‘hood at about this price point is this one:
http://www.redfin.com/IL/Chicago/3815-N-Hoyne-Ave-60618/home/13389703
or if that isn’t expensive enough, 3540 Ravenswood.
Cool place, but it is out of place in that neighborhood if you ask me. Somebody ask me.
“How did this became such an expensive buildout?”
It is a from-the-ground new construction house and the owner is an architect. Think the pricing is the “make me move” price, with something like 1.75 being somewhat plausible, if they actually want to move. House was featured in the Tribune mag about 2 years ago.
Pretty awesome, but I guess I’m still one of those “location, location, location” types. I wouldn’t pay more than $3k/mo to live there (rent or own), and would do so only if I had two if not three kids and they were all happily attending the neighborhood school.
i think chicagomag covered this house and its costs? anyone with free time wanna look that up?
anon(ufo), that place on hoyne looks “heavy” and another reason i hate new construction is they take a 40′ lot and use every single inch for the structure. NO GREEN SPACE!!!!!!
Another Chicago foreclosure halt:
“Dart says he plans to halt about 1,300 evictions — starting Monday — unless the lenders can provide an affidavit that “everything was done properly.””
http://www.chicagobreakingnews.com/2010/10/sheriff-plans-to-halt-foreclosure-evictions—-again.html
Its okay Tommy boy–we’re a patient lot here on CC.
“anon(ufo), that place on hoyne looks “heavy” and another reason i hate new construction is they take a 40? lot and use every single inch for the structure. NO GREEN SPACE!!!!!!”
How else do you fit 4 good-sized bedrooms and a 10×8 laundry room on one floor?
And I post it not for being ideal, but for being a better $2mm+ choice in the same area.
Sorry if multiple posts show up. Seem to be having problems posting. Just want to know what’s wrong with Claremont. Also, wanted to say that I don’t love the Hoyne house either, both in terms of style (which is fine for me, just not preference) and groove’s heaviness factor (I don’t have a big need for 4 bed up).
jp3chicago….$600/sq ft seems about right for the material quality level, craftsmanship and the high grade design elements employed.
At 4320 sq ft, this is one large home compared to the surrounding homes. Looking at it on Google Earth it seems it is out of place in this neighborhood though…it is basically a zero lot line construction. For this much $$$$ I would expect some yard space with landscaping suitable for this type of place.
That said, this is a very beautiful and extrememly unique home with many well thought out features…the main floating staircase alone would run in the $200k range and the wood paneling used throughout would be very costly as well. We used a similar wall finish in a modern home renovation not long ago and for a family room alone, with built ins (TV, bookcases and bar) it ran around $100k just for the material.
Lighting, heating/cooling, hidden window coverings, sound and the requisite computerized control system would be another large expense…this on top of the appliance and fixture costs….it all adds up quickly. I think the only ‘profit’ the architect/resident will take away from a sale would be the time spent living in such a spectacular home.
At the bottom of this listing, there is a place on Glencoe listed at $2,500, that features the similar high end craftsmanship and materials and it has a beautiful yard with landscaping. Not to compare properties that have no other common elements, but it shows how many more ‘extras’ one can get at that price point.
“Just want to know what’s wrong with Claremont.”
It’s next to Western. Personal thing. The east side is actually fine, esp the 3600 and 3800 blocks.
“the main floating staircase alone would run in the $200k range”
Really? Seems like a lot. I realize nice things can be expensive, curious as to why, how does that split between materials and labor, etc.?
“Looking at it on Google Earth it seems it is out of place in this neighborhood though…it is basically a zero lot line construction.”
That’s very deceptive. The main house doesn’t cover meaningfully more of the lot than any other newer house around (ie, it’s about the same front to back depth), and isn’t closer to the n-s lot lines, as that’s code-dictated. Most of the backyard area is taken up with the patio that opens from the lower level. Roof of the garage is planted with ground cover, but could be a GatorDeck.
Beautiful contemporary home. I’m saving the slides on my hard drive, I like this place so much. I don’t see many contemporary homes I like.
Looks like it is priced right.
“Really? Seems like a lot. I realize nice things can be expensive, curious as to why, how does that split between materials and labor, etc.?”
While I have not personally installed such a staircase, I have a close acquiantance who had one installed in their 4 floor townhouse here in NYC. It ran continually from the first floor up to the top floor rooftop deck along one wall with landings and glass doors on each floor. The construction group had to reinforce the walls running from the front to the back of the house with industrial steel onto which they installed another metal beam which supported each stair. Not having a conventional stair support beam on each stair is difficult and you have to rely on the side support beams. The labor cost would be more than the material, but not by much, depending on the metal reinforced wood that was utilized. While I like the look of this type of stairway, I would not want one in any of my homes.
I think this place is gorgeous. But at the same time if you’re going to do an over the top project, then it needs to be in a place you plan on living in bc not everyone is willing to pay a giant premium for the 007 floating stairs. I wonder how much a place like this would cost further east.
Beautiful home. OK location. I do not like the Wayne house.
Claremont home circa 2000
http://www.cookcountyassessor.com/data/searchflat/ParcelImage.asp?pin=14191010200000
“Really? Seems like a lot. I realize nice things can be expensive, curious as to why, how does that split between materials and labor, etc.?”
Why are we talking about floating stairs? Look at pic #7–the staircase is b/t two walls and is just sans risers. The staircase is probably a set of welded steel steps with the (shown in pic #8) steel “stringer” and clad in wood. more expensive that a normal staircase, but probably *easier* to structurally support as well as the stringer + treads should border on structural on its own.
“I have a close acquiantance who had one installed in their 4 floor townhouse here in NYC. It ran continually from the first floor up to the top floor rooftop deck along one wall with landings and glass doors on each floor. The construction group had to reinforce the walls running from the front to the back of the house with industrial steel onto which they installed another metal beam which supported each stair. Not having a conventional stair support beam on each stair is difficult and you have to rely on the side support beams. The labor cost would be more than the material, but not by much, depending on the metal reinforced wood that was utilized.”
You think the materials for the staircase in this house was close to $100K? Also, is this easier/cheaper if you’re building a new home anyway?
“And I post it not for being ideal, but for being a better $2mm+ choice in the same area.”
and you know i will argue to expand your mind and comp area as i usually do. 2.6mil can get alot in a 4 mile radius.
but your not going to get such a ironic statement and cool azz factor as this place. 2.6 is not for the house its for what the house represents.
Even without a floating staircase, the cost of ‘creative’ staircase can be pretty astronomical. Having done a few renovations, most recently in a very contemporary style, the staircase was about $60,000 all in.
“and you know i will argue to expand your mind and comp area as i usually do. 2.6mil can get alot in a 4 mile radius.”
What’s the a/a school? And don’t tell me “Oriole Park”–I might throw up.
“What’s the a/a school? And don’t tell me “Oriole Park”–I might throw up.”
ok fine i will do a 4 mile radius but go south east so you dont have to revisit your lunch…
….MLS#: 07513281
In this neighborhood, the only street to live on is Bradley Pl. Wait until Haloween and take your kids there. You’ll see.
“only street to live on is Bradley Pl”
Which you can do for about $700K at the moment.
The home is in Bell School District, which is a well regarded public school district within Chicago.
http://www.redfin.com/school/76520/IL/Chicago/Bell-Elementary-School
True but it took a long time for someone to pull the trigger on one of them. For the age and condition of said homes, I bet you could do a lot better.
“True but it took a long time for someone to pull the trigger on one of them. For the age and condition of said homes, I bet you could do a lot better.”
I went through the one that’s under contract now. It was very charming in its way but very creaky and with bathroom/layout issues (no toilet at all on first floor among other things). I haven’t looked in person at the other one. At the same time it was listing, there was a I think new construction place on the south side for $1.2-1.3MM that sold quickly.
2.6 million whaaaaat?! I’d rather save 600k and buy the giant plantation owner house on the 4 city lots than this and i LOVE contemporary style
“ok fine i will do a 4 mile radius but go south east so you dont have to revisit your lunch…
….MLS#: 07513281”
Yep, that’d be a winner.
“no toilet at all on first floor among other things”
Which is why the new construction house sold in a heartbeat for a big number and the other did not.
“You think the materials for the staircase in this house was close to $100K? Also, is this easier/cheaper if you’re building a new home anyway?”
Not for the materials only for this particualar home…my guesstimate is for materials and labor. The outer wall is not attached using the main weight supporting beams that normally would run the width of the house. Since those beams were cut out to accomodate the staircase, there would need to be steel reinforced outer walls and load bearing, steel reinforced interior walls.
It would be more ‘convenient’ to build a new home with this feature as you would be able to incorporate these support walls into the main support structure as opposed to rebuilding an existing structure where you would have to build a seperate load bearing interior wall.
I know this sounds sort of strange and it might not make anysense the way I am describing it…I have my own way of interrupting blueprints and sometimes my description leaves workers shaking their heads! If the blueprint is in front of me, it is easier to translate it.
“Look at pic #7–the staircase is b/t two walls and is just sans risers. The staircase is probably a set of welded steel steps with the (shown in pic #8) steel “stringer” and clad in wood. more expensive that a normal staircase, but probably *easier* to structurally support as well as the stringer + treads should border on structural on its own.”
Yes, it is between two walls but both would have had to have been fortified with steel support columns as an interior wall without support (as in the support beams running the width of the house) would not be strong enough to support the weight of the floors while supporting the staircase as well. I know, it sounds complicated but again I am not explaining myself well enough.
and yes, the stairs were probably welded onto the steel beam that is showing, but there also has to be a steel support beam underneath the dry wall to hold this in place. So it is more of a structural issue and not merely a piece of timber nailed onto the outer wall support beams as in traditional staircases.
“Yep, that’d be a winner.”
i dont detect sarcasm there? damn i am good, first try and got it 🙂
“i dont detect sarcasm there? damn i am good, first try and got it”
It’s not perfect, either, but were I picking between the two (and just the two)–I’d definitely take the Webster house.
“Which is why the new construction house sold in a heartbeat for a big number and the other did not.”
The big number part certainly, but not sure about the selling quickly part. Possibly the old house wasn’t priced right. Initial list was $100K above current.
“It’s not perfect, either, but were I picking between the two (and just the two)–I’d definitely take the Webster house”
reason i chose the webster house was it HAS A FRICKEN YARD!!! and a THREE CAR GARAGE. the kicker for the pick was to make you happy, IT HAS A GATOR DECK TOO
“Initial list was $100K above current.”
And final will likely be another 100k below that.
“The big number part certainly, but not sure about the selling quickly part. ”
Listed 3/31; delisted 5/4, sold 6/14. Pretty quick. Also listed for $25k less than they paid in May-08, and closed for $80k less. So, big, but smaller than they would have preferred.
“And final will likely be another 100k below that.”
629 would be a steal. I’d say 690s is likely.
” 07513281 ”
That’s a pretty awesome place, Groove. This place isn’t even in the same ballpark, to me (and I’m not normally an LP-er).
Holy cow that bathroom. . . kitch is pretty darn nice too.
“Pretty quick.”
I agree it sold quickly (said so above), just not sure that it’s attributable to it being fancier as opposed to well-priced.
For anyone interested, this is the older bradley place house. The newer one that sold is 2139 bradley.
http://www.redfin.com/IL/Chicago/2042-W-Bradley-Pl-60618/home/13389691
“For anyone interested, this is the older bradley place house.”
And, for anyone that’s interested, but disappointed that that one is under contract, teh neighbor house is for sale too:
http://www.redfin.com/IL/Chicago/2044-W-Bradley-Pl-60618/home/13390653
Had I known they’d *both* be for sale, I might be moving my yurt.
“Holy cow that bathroom. . . kitch is pretty darn nice too’
agree the bathroom is not over done or under done, but will say it can use more storage. the negitive is its on a alley, but i dont think there are any windows on the alley side.
but for 2.7mil dont you think there should be a rooftop deck?
One of the Bradley places is old and gross. The other has no garage (looks like). And they are both pretty fugly from the front.
“Had I known they’d *both* be for sale, I might be moving my yurt.”
Well they both were for a little while. 2042 has a sweet yard, no garage.
Re: Groove and Sonies
” 07513281 ”
That’s a pretty awesome place, Groove. This place isn’t even in the same ballpark, to me (and I’m not normally an LP-er).
Holy cow that bathroom. . . kitch is pretty darn nice too.”
—
I hate you Groove. I can swing the 1M+ market. I can’t swing the 2M+ market w/o help…and this place on Webster wants me to as Bob would say – keep up with the Jones
The photos for 2044 certainly do not help.
“but for 2.7mil dont you think there should be a rooftop deck?”
The gator deck has a gangway to the house, right. Sometimes that’s better.
I think they’d have trouble adding a roof deck
1)Monster HVAC up there. . . not a lot of other space to put it, don’t wanna party next to it.
2)In order to have the 2 access points now required, you’d have to add a staircase up from the top floor, as well as one going up the back of the house, right? No space for that.
But then I’m unlike 99% of Chicagoans, because I don’t have a crazy obsession with rooftop decks. Full disclosure, etc.
Ok cc overload today for me! This place is a great reminder I need to get back to work and earn the money to buy. . . it!
“I hate you Groove. I can swing the 1M+ market. I can’t swing the 2M+ market w/o help…”
i cant even swing the 1/2mil+ market so the webster place is just a picture on the internet to me.
and even then 2.7mil can take you VERY far in chicago.
darn you squareD,
i really want to shoot down the webster place and your killing my plan with valid facts 🙂
“629 would be a steal. I’d say 690s is likely.”
No, 629k would not be a steal. The windows alone would cost 70k. No bathroom on the main floor? No garage?
The buyer of this home would likely need to put a substantial amount in to make it livable. This is not a price buyer.
“the webster place”
I don’t love the front of it. Don’t hate it, but don’t love it. Seems like a bit of a mish mash.
“The windows alone would cost 70k.”
Why do the windows need to be replaced? How much does a garage cost?
The bathroom is an issue, but really less of one than only having one upstairs. It is a house that cries out for a 15′ addition to the rear.
“The windows alone would cost 70k”
doode if your paying more than 700 a window you need to find another guy asap
“How much does a garage cost? ”
a decent two car is around 5k and fancy schmancy extras at most 10k for a wood one
$2.7M buys you the biggest non-lakeside house in Winnetka you can find.
Of course, good luck taking a cab home after a night of revelry.
http://chicagobreakingbusiness.com/2010/10/walgreens-cfo-arrested-on-drunk-driving-charges.html
Tradeoff I guess.
“No, 629k would not be a steal. The windows alone would cost 70k. No bathroom on the main floor? No garage?”
I dunno about price and genuinely mean that. If my budget was say $630K and I had a couple of kids, really wanted to live in Bell, what are my other options (besides maybe the other bradley house)? It’s not like the house is not livable. There was a family living there. I want a garage or at least my wife does, but the back yard was nice enough I could almost do without. And think of the halloweens!
Does it really cost $70K to do windows?
“The bathroom is an issue, but really less of one than only having one upstairs.”
The second bath is in the attic or whatever and only usable for showering if you are well under 5 feet.
“a decent two car is around 5k and fancy schmancy extras at most 10k for a wood one”
2.5 car garage (across a 30′ lot) is going to run you 20k if you have room for storage.
Marvin windows aren’t cheap and the larger non-standard sizes run extra. There are lots of architectural window sizes on victorian homes. Ours has a 60×60 picture window — god help us if it broke.
“Why do the windows need to be replaced?”
Two reasons. Single glaze and lead paint around the trim.
“It is a house that cries out for a 15? addition to the rear.”
Close to 200k if you do it right. This is a three story home with a walk out basement right? Need to extend all the way from the basement.
“The second bath is in the attic or whatever and only usable for showering if you are well under 5 feet.”
So now you have to raise a roof? 30k? Not to mention bedrooms on third floor need second egress to be code.
“what are my other options (besides maybe the other bradley house)?”
http://www.redfin.com/IL/Chicago/3810-N-Bell-Ave-60618/home/13390069
Would run you less all-in and its move in ready. Plus the PP is 100% financable unlike a buy and build.
westloopelo I saw a staircase similar to this one that was under const. What they chose to do was to build a six vertical I-beam frame that was capped with a steel beam rectangle connecting each beam. The stringer was welded to that structure. It was a pretty simple structure that allowed open glass side panels all the way up on both sides. All you saw was the beams that were encased in wood attaching to the stringer. I was told that had the rise been three or four feet shorter they could have gotten away with only 4 vertical beams and no mid-rise extra beam support.
That said how much would it cos to put in 6 beams plus foundation piers and cap them off with a steel rectangle? It was new const so there was no roof at the time of installation allowing a crane to put it in place. I think that the whole (installing steel) process took about 2 days.
“Does it really cost $70K to do windows?”
Did it actually *need* new windows? You’ve looked at the house–from teh pix, they look like inexpensive, but fairly modern, vinyl replacement windows.
And, if you’re putting windows in your $600k house, do you actually get the “best” or maybe go for the best value, which would *definitely* be closer to Groove’s $700 per (with a couple more expensive and, for this house, several less expensive) than the $2k+ average JMM is suggesting.
“2.5 car garage (across a 30? lot) is going to run you 20k if you have room for storage.”
whoa, i guess your idea of a standard/basic garage is different than mine. 20k is a crazy to pay shoot i could call right now any garage place and get a first quote of 15k.
“Marvin windows aren’t cheap and the larger non-standard sizes run extra. There are lots of architectural window sizes on victorian homes. Ours has a 60×60 picture window — god help us if it broke”
valid point, but one thing many miss and dont know is that all these window places get their windows made at the same three places.
*so your marvin vinyl window is the same as your feldco
*using random names in my head to make point
Pretty sure these are single glaze leaded glass since you can see the storms. That’s another issue unless you replace — 2x a year you cover and uncover your windows.
“http://www.redfin.com/IL/Chicago/3810-N-Bell-Ave-60618/home/13390069
Would run you less all-in and its move in ready. Plus the PP is 100% financable unlike a buy and build.”
The buyers are re-selling it already? Otherwise, that’s not an option.
“Pretty sure these are single glaze leaded glass since you can see the storms. That’s another issue unless you replace — 2x a year you cover and uncover your windows.”
oh gosh i was so happy when we replaced our windows, the old school storm window thing is a beeeeytch.
i cant tell you how many times i took the storm windows out of storage to find one was always broke.
or how i procrastinated putting them in to have to do it on a 30 or below day and my hands are about to fall off and the ladder was slippery.
“Pretty sure these are single glaze leaded glass since you can see the storms. That’s another issue unless you replace — 2x a year you cover and uncover your windows.”
What pic are you looking at, b/c I’m just not seeing it. Maybe I’m missing something obvious, tho.
“Would run you less all-in and its move in ready.”
Not an option if your budget is under $845K. I mean, you could actually buy one of the bradley houses and live in it at $700K.
But, that was a nice, nice house. Closest I’ve come to buying. I’m torn on the move in ready part. I’m in a cheap-ish rental and would be willing to live in it for many months while something is being renovated. Wouldn’t mind having things done the way we want. It’s managing the reno that’s a bigger headache for me.
I don’t remember how the windows on 2042 were.
“The buyers are re-selling it already? Otherwise, that’s not an option.”
It’s an example. And presumably no one just wakes up in October 2010 and decides they want to buy tomorrow. People who are buying and will buy in the future have been watching the market for some time now.
“Not an option if your budget is under $845K. I mean, you could actually buy one of the bradley houses and live in it at $700K. But, that was a nice, nice house.”
Sorry to say you missed the boat. The amount of money you’d need for a bathroom alone in the Bradley home would be more than the equity portion of the incremental purchase price (less than 30k). The cost of ownership is significantly lower now than at the time this home sold.
And, this particularly example looks like it was a converted two flat — nice finishes but the house itself is nothing special. These aren’t as desireable due to the awkward stairwells and strange 2nd floor landing (granted some use this as a play room for the kids). The built ins you sometimes see are weird.
“I mean, you could actually buy one of the bradley houses and live in it at $700K.”
There are also a number of two-flats available for under $700k right now.
“the equity portion of
the incremental purchase price”
What does that mean and why is it relevant? You mean downpayment? If my budget were $700K then that’s my budget.
how big do you think the front “picture” window is on this house? 15×10 feet? wonder how much a replacement would cost if some jag threw a brick through that
“how big do you think the front “picture” window is on this house? 15×10 feet?”
Easily. Might be more than 15′ wide.
“What does that mean and why is it relevant? You mean downpayment? If my budget were $700K then that’s my budget.”
He’s mashing together your point and my “you could reno” point.
BTW if you are going big and considering this place then I’d suggest that you spring another $1 mil (whats another mil when you are paying 2+) and get that cool pad on Eddy! There you get your own pool and rooftop Basketball court. That is big time pimping!
http://www.redfin.com/IL/Chicago/1804-W-Eddy-St-60657/home/13386894
Gorgeous house, lovely architectural elements. This construction is very expensive and hard to get quality.
“What does that mean and why is it relevant? You mean downpayment? If my budget were $700K then that’s my budget.”
First of all, you’d have to reno. When the MLS listed cites a gag [sic] cooktop as a selling point you know you have a problem.
The house cited appears unlivable as is, especially considering the quite demanding tastes and preferences of those who post here.
Unless you are paying cash, which you aren’t, your budget really is your monthly payment and your equity downstroke plus any upfront reno. I’m suggesting the 145k purchase price difference is bridged with only modest equity that you’d need to spend to get even a bathroom into the other place.* The rest is funded with debt, which by the way has gotten about 50 bps cheaper in the last 2 months. So your 700k budget from 3 months ago is more like 800k if you wanted and it was the right house for you.
Folks I renovated a Maher 10 years ago and it was a bear. Victorians are beautiful once restored but they take a lot of work.
* if you could buy the alternative, jeeze its just an example to prove relative value
This looks very much like a Brinninstool and Lynch design. Can anyone confirm?
“The rest is funded with debt, which by the way has gotten about 50 bps cheaper in the last 2 months. So your 700k budget from 3 months ago is more like 800k if you wanted and it was the right house for you.”
Assuming all of that is correct, if you were the seller of the house on Bell, wouldn’t you raise your price if it’s effectively cheaper to own, and there are more people who can buy it?
Why the hell would anyone build a house like this in this particular location. If you were going to spend the money all of you are talkinga about, wouldn’t you make sure you built in a location that was complimentary or appropriate to that kind of incurred expense? If the builder/owner was that stupid to make this basic basic basic basic mistake, what other mistakes or poor judgement did he/she use in building the house. Terrible. (oh, and although I absolutely hate this house/style/architecture, my comments are not directed at the design aspect of the house)
Debt has gotten cheaper so prices are going up! Buy now or be priced out forever.
(Sorry JMM and DZ I just couldn’t resist)
But JMM in all seriousness why hasn’t cheaper rdebts reignited. The market? In my opinion its because we are all ready tapped out and cheaper debt doesn’t make a lick of a difference.
Ps mba purchase activity declined today
. Rates jumped to 4.34 from 4.21. Apps down 11%.
http://www.mbaa.org/NewsandMedia/PressCenter/74411.htm
Aside from location, this house is a far better designed and detailed project than Webster house. This is Brinstool’s own house; check out web-site www,northclaremont.com. Outstanding residential real estate presentation – worth reviewing.
If I had a spare $2.5 million, this is the house for us.
“Aside from location, this house is a far better designed and detailed project than Webster house”
uhhh, real estate is mostly about location. seriously, if you are going to make the ridiculously poor judgement and mistake of building this type of house in this location, you MUST be suspicious/cautious of other oversights…..
Thanks for the fantastic in depth website Architect! It was such a treat to be able to read the spec sheet for this great project.
clio, really now, there was no ‘ridiculously poor judgement’ by the builder of this home. While location does play a part in RE, it is not the only consideration for a house of this caliber. Anyone as invested in RE as you say you are would realize this fact.
My Manhattan residence was built 15+ years ago in an area that was considered one of the worst areas in the city…no one said was a good idea and my decision was questioned by many RE pros of the time. Now the location is considered the most desirable and expensive locations not only in NYC, but in the entire country.
With projects of this magnitude you take the risk and while it might not seem to be the ‘idea location’ at the time of the initial construction, years later you realize your initial investment and time spent building your dream home has increased in value by over 1000%.
….But of course you know this to be true….
clio you are missing the point of the location.
his home is perfect right here its about the statement its making. think “its not about the red dot its about the white empty space around it” or “listen to the notes they are NOT playing”
anon, what does neighborhood think about the Claremont House?
This is actually Brad Lynch’s house of Brininstool, Kerwin & Lynch. Goldberg General Contracting was the GC on the project. It’s safe to say quality was of the highest standard given their track record. It blows away the Webster property from a design/build quality standpoint.
http://www.ggcinc.net/home.html
“Why the hell would anyone build a house like this in this particular location. ”
They owned the property. At the time construction started, any “better” location would have cost him meaningfully more money.
“They owned the property. At the time construction started, any “better” location would have cost him meaningfully more money”
Yeah, he’s really ahead now – good thing he saved that extra couple of hundred thousand by poor planning…..
“Yeah, he’s really ahead now – good thing he saved that extra couple of hundred thousand by poor planning…..”
Still think that it’s a “make me move” listing.
“Assuming all of that is correct, if you were the seller of the house on Bell, wouldn’t you raise your price if it’s effectively cheaper to own, and there are more people who can buy it?”
Pointless question. It’s practically impossible to raise a listing price during marketing, but I have seen it done. But the fact that the house sold quickly and it was FSBO shows that they had it priced well and/or the market of alternatives was not attractive.
“But JMM in all seriousness why hasn’t cheaper rdebts reignited. The market? In my opinion its because we are all ready tapped out and cheaper debt doesn’t make a lick of a difference.”
That is an easy one. People are still concerned about falling prices. Therefore, the perceived cost of taking a potential loss is higher than the actual lower cost of the debt service.
“Pointless question. It’s practically impossible to raise a listing price during marketing, but I have seen it done.”
This is the same “if a similar house were on the market now” hypothetical that you make above. If you were putting a similar house on the market at a time when it was much more affordable with lower interest rates (i.e., the house that would actually be available now in your hypo), would you price it higher and have a higher reservation price than if you had put it on in a high interest rate environment?
Except historical comps drive current prices and asking prices. So, a comp is not a hypothetical and in fact it dictates, to a large extent, the price. There is no hypothetical — that is the most recent comp and is the market, especially since it was a regular way sale.
And, the answer to your question is yes. I’d also look at rent-own equivalence. Rents are going up and the cost of buying is cheaper. For example, I had an employee of ours sell a condo. Her condo was in Lincoln Park and the equivalent unit next door just rented for 2k ish. She priced accordingly on a rent-own basis and it went under contract in under 60 days, this was after the tax credit too. If the rent was 2,500, I would have expected her to price it higher.
“That is an easy one. People are still concerned about falling prices. Therefore, the perceived cost of taking a potential loss is higher than the actual lower cost of the debt service.”
EXACTAMUNDO! Are you ready for next Tuesday, JMM?
We all know Uncle Sammy tried to hoodwink the market the past couple of years printing all that money and letting people reside in their homes freely without paying for them and now the residential RE market is going to have some more teeth knocked out by Adam Smith’s invisible PimpSmack.
The longer the charade went on the larger the impact it would ultimately have on valuations. Time to reap the harvest they have sewn.
“EXACTAMUNDO! Are you ready for next Tuesday, JMM?”
Oh you know I am. It will be just like last month — flat, for the 16th month. String enough of those together and, well, reality might outwit perception…
“Rents are going up”
Are you saying rents have gone up or that they are going to? Why? Can’t landlords refinance at lower rates? Aren’t their costs going down?
“Rents are going up ”
Actually I just found a killer rental deal and will be going to see it today. IF its legit I’ll keep all of you posted and it definitely disproves your “rents are going up” unsubstantiated statement.
Yea moving is a PITA but I can deal with that for a killer deal that meets my needs.
How about demand outstripping supply?
http://www.rentistoodamnhigh.org/
http://www.businessinsider.com/increasing-rents-and-a-rising-cpi-are-about-to-push-bernanke-into-a-corner-2010-10
Good luck on the new rental deal, Bob. I know there are some great rental deals out there on good places…but they’re surprisingly hard to find.
As I’ve noted before, I’ve been quite content to be renting a great 2/2 in ELP for between $800-$1,000/mo less than it would cost me to own the place. A great deal, yet I’ve nonetheless been paying about $33k/year (which includes rented parking nearby), for nearly three years.
I’m thus about to buy a place that will run me a few hundred dollars more a month than my current rental. I don’t know if it’s proof that I’ve been getting a heck of a deal on my current rental, or if I’m getting a good deal on my purchase (or both?), but I’ve looked, and I’m unable to find a rental 2/2 as follows: move-in condition, with a w/d, central air, garage, with at least a tiny bit of outdoor space/deck/balcony, that’s not on the ground floor, where the kitchen is not in the living room, in Lincoln attendance area and, last but certainly not least, in ELP, for no more than $3,000/mo in rent.
“for no more than $3,000/mo in rent”
Yet these can be had for about 400k purchase price, with parking and an assessment around 200 a month. Run the NYT rent-own calculator and see how that scales out.
“Yet these can be had for about 400k purchase price, with parking and an assessment around 200 a month.”
JMM: Can you point me to any listings?
http://www.youtube.com/watch?v=_Bwh2Aton50
You can do this stuff yourself, but the 400k 2/2 in LP is a fairly well established benchmark. Recognize there are absolutely no bargains in ELP or the Lincoln district.
“Pretty sure these are single glaze leaded glass since you can see the storms. That’s another issue unless you replace — 2x a year you cover and uncover your windows.”
Looked somewhat closely while out with the Halloween hoard–the small windows (largely fixed, stained glass inners, so no switching to screens anyway) are all still w/ storm windows, but most of the larger windows–at least on the front of the house–are aluminum framed replacement windows.